The New England Retirement Services added the four Managed Series Trust lifecycle funds, managed by Federated Investors, to its 401(k) plan offerings. The New England now offers 18 options for defined contribution plan investors in its quasi-bundled program. The options are run by four outside mutual fund families including Federated, and by the New England and its subsidiaries.
First Chicago NBD Bancorp outsourced the administration and distribution of proprietary mutual funds to The BISYS Group Inc. BISYS has performed a similar service for First Chicago Corp.'s Prairie family of mutual funds. The newly combined First Chicago NBD entity manages about $11 billion in mutual funds.
CORRECTION: The name of the new series of lifecycle funds being developed by Fidelity Investments is LifePlan. The name was incorrect in yesterday's P&I Daily.
